French tire maker Michelin said its 2020 net profit fell to 625 million euros from 1.73 billion euros in 2019.
According to (CNBC), the company said that profits last year were affected by the Coronavirus pandemic, but it expects growth of up to 10% in Its market this year.
The company’s sales fell 15% last year to reach 20 billion euros ($ 24.3 billion), while operating revenues fell by about half to 1.40 billion euros from 2.96 billion In 2019.
Michelin said that the business environment for 2021 is still largely hazy with the deterioration of the health crisis, but she still expects that the market for passenger car and light truck tires will grow between 6 to 10% and the market for heavy truck tires between 4 to 8%.
